DEBATE: As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? October 30, 2019 As the Big Four firms continue to dominate audit, have government efforts so far to reform the market failed? David Herbinet, global head of audit at Mazars, says YES. The Financial Reporting Council’s latest figures show that, despite all efforts, the audit market is actually narrowing. A diverse market is vital for audit quality and [...]
FTSE 100 plunges despite Fed’s coronavirus ‘bazooka’ March 16, 2020 The FTSE 100 has plunged despite the US Federal Reserve slashing interest rates to near zero in an emergency move to curb the fallout of the coronavirus pandemic. The blue-chip index was last down seven per cent as traders reckoned with the ongoing spread of coronavirus and shrugged off the Fed’s surprise intervention. Airlines and [...]
Government faces calls for reform as data shows dominance of Big Four audit firms October 29, 2019 Data published yesterday by the audit watchdog showed that the Big Four accounting firms increased their market share of the UK audit market in 2018. The lack of competition in the sector has come under the microscope following scandals such as the failures of outsourcer Carillion and department store BHS which both received clean bills [...]
Flybe infected by aviation sector’s malaise March 6, 2020 As ministerial tweets go, the mid-January proclamation by the business and transport secretaries that Flybe’s future had been salvaged will surely endure as among the most ill-judged of Boris Johnson’s government. Barely 54 days later, Flybe has become just another corporate carcass, joining Monarch and Thomas Cook among the airlines which failed to cope with [...]
Watchdog says accountancy firms failing to challenge management of firms they audit November 5, 2019 Audit watchdog the Financial Reporting Council (FRC) today warned that the top firms were failing to be robust enough in challenging management of the companies they audit. The audit sector is in the political and regulatory spotlight following company failures such as the collapse of travel agent Thomas Cook and outsourcer Carillion. The FRC today [...]
Sports Direct pleads with big four auditors to check its books September 10, 2019 Sports Direct, the retailer founded by Mike Ashley, is pleading with the big four accountancy firms to audit its books as it worries smaller accountants would not be up to the task. Over the last fortnight the company has sent overtures to the auditors ahead of its annual general meeting tomorrow, Sky News reported. Grant [...]
JP Morgan starts European audit review July 30, 2019 JP Morgan Chase has reportedly launched a review into its current relationship with auditors for its major European arm. The Wall Street giant has kicked off a process to look at the role currently held by PricewaterhouseCoopers (PwC) as the accountant of JPMorgan Securities. Read more: Metro Bank finance director steps down to take new [...]
Ineos on the hunt for new auditor after dropping PwC in wake of tax fallout August 7, 2019 UK energy giant Ineos is reportedly dropping PricewaterhouseCoopers (PwC) as its auditor amid speculation of a major tax row between the two sides. Ineos, which is owned by British billionaire Jim Ratcliffe, is on the hunt for a new accountancy group to replace the big four beancounter, according to Sky News. Read more: Ineos plans [...]
Categories October 26, 2021 Categories 2022 Interested in sponsoring a category this year? Email our team at awards@cityam.com for more details. Insurance Company of the Year The insurance sector has had an extraordinary year, not just coming out of a pandemic but amid a host of natural disasters. This year we’re looking not just at insurers who are delivering for shareholders [...]
Once-staid audit sector enters brave new world July 30, 2019 The days of auditors as grey-suited backroom boys is over. Whether they like it or not, the spotlight turned on the sector following the collapse of outsourcer Carillion has not diminished in intensity. The Big Four face the challenge of a potential raft of reforms designed to rein them in, overseen by a new beefed-up [...]